The Honourable Heath MacDonald, Minister of Agriculture and Agri-Food, announced the initial list regions eligible for the 2025 Livestock Tax Def program.
This provision allows livestock producers in designated areas, compelled to sell part or all of their breeding herds due to drought, excess moisture, or flooding, defer a portion of their sales income to the following tax year.
This deferral can help offset the costs of replenishing breeding stock, thereby alleviating the tax burden from the original sale.
To ensure comprehensive support, buffer zones have been established to include producers adjacent to the prescribed regions who may be experiencing similar adverse conditions.
The government will continue to monitor weather and production data nationwide, updating the list of eligible regions as necessary.
Minister MacDonald emphasized the government’s commitment to supporting livestock producers amid the challenges posed by climate change, stating that the tax deferral option aids in managing uncertainty and safeguarding livelihoods.
For the 2025 program year, enhancements to the AgriStability program include increasing the compensation rate from 80% to 90% and raising the maximum payment limit from $3 million to $6 million.
Producers are encouraged to utilize available business risk management programs, such as AgriStability, AgriInsurance, and AgriInvest, to protect their farming operations.
Keith Hopper, Trending 55
